Digital Brands Group (NASDAQ:DBGI) Stock Price Down 4.6% – Here’s Why

Digital Brands Group, Inc. (NASDAQ:DBGI)’s stock price fell 4.6% on Wednesday . The stock traded as low as $0.7001 and last traded at $0.7344. Approximately 994,094 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 2,098,132 shares. The stock had previously closed at $0.77.

Analyst Ratings Changes

DBGI has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Digital Brands Group in a report on Monday, April 20th. Wall Street Zen lowered shares of Digital Brands Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Digital Brands Group Price Performance

The stock has a 50 day moving average of $0.88 and a 200 day moving average of $4.28. The firm has a market cap of $16.63 million, a P/E ratio of -0.29 and a beta of -0.04.

Digital Brands Group (NASDAQ:DBGI) last posted its quarterly earnings data on Wednesday, April 15th. The company reported ($1.97) earnings per share (EPS) for the quarter. Digital Brands Group had a negative return on equity of 380.16% and a negative net margin of 550.26%.The firm had revenue of $1.60 million during the quarter.

Insider Buying and Selling

In related news, CEO John Hilburn Iv Davis acquired 618,333 shares of the stock in a transaction on Wednesday, June 10th. The stock was purchased at an average price of $1.13 per share, for a total transaction of $698,716.29. Following the completion of the transaction, the chief executive officer owned 688,461 shares of the company’s stock, valued at $777,960.93. This trade represents a 881.72% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.01% of the stock is owned by company insiders.

Institutional Investors Weigh In On Digital Brands Group

Several hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp bought a new stake in shares of Digital Brands Group during the 1st quarter valued at $432,000. Geode Capital Management LLC bought a new position in shares of Digital Brands Group in the 4th quarter worth about $890,000. Connective Capital Management LLC purchased a new position in Digital Brands Group during the 4th quarter valued at about $876,000. Cantor Fitzgerald L. P. purchased a new position in Digital Brands Group during the 3rd quarter valued at about $221,000. Finally, Dimensional Fund Advisors LP bought a new stake in Digital Brands Group during the first quarter worth about $29,000. 1.56% of the stock is currently owned by institutional investors.

Digital Brands Group Company Profile

Digital Brands Group Inc (NASDAQ: DBGI) operates as a digital consumption platform focused on acquiring, operating and scaling digitally native consumer brands. The company seeks to partner with emerging and established brands across categories such as fashion, home & lifestyle, health & wellness, and consumer electronics. By leveraging a centralized operating model, Digital Brands Group aims to drive revenue growth, expand market reach and enhance customer engagement for its portfolio companies.

At the core of Digital Brands Group’s strategy is its expertise in e-commerce, digital marketing and data analytics.